Gifts of Life Insurance
Why would I donate Life Insurance?
Perhaps you have had policies for years and the life insurance is no longer needed for personal or financial reason. In such a case, there may be an opportunity to make a significant gift to The Alaska Botanical Garden
How do I donate Life Insurance?
If you have insurance that is no longer needed or provides excess coverage, here are two ways you can make a significant gift to the Garden:
You can donate the policy to the Garden, instructing the insurance company to make The Alaska Botanical Garden the owner and beneficiary of the policy. In this instance you are entitled to a charitable tax deduction in the year you transferred the policy equal to the cash value of the policy.
You could retain ownership of the policy and name the Garden as beneficiary. In this manner, you retain access to the cash value of the policy if you need it, then at your death, the Garden receives a substantial gift. This method also keeps the death benefit out of the policy owner’s estate.
It generally costs you nothing to complete a beneficiary change form. Please feel free to contact us or your insurance provider for more information.